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New Delhi, February 21:: Implementation of the Draft Rehabilitation Scheme to revive the loss-making National Textiles Corporation is expected to begin soon with ICICI being mandated to raise Rs 350 crore through bonds to fund voluntary retirement scheme (VRS) for NTC workers.
“We have roped in ICICI which will raise Rs 350 crore in the first tranche from the market through bonds to finance the VRS,” official sources said.
Sources said that in the first stage, VRS would be offered to workers of 20 NTC mills which were non-operative. There are currently 39 mills of NTC which are non-operative.
The DRS approved for NTC contained Rs 500 crore for extending VRS to NTC employees.
While Rs 350 crore would be raised in the first tranche, the remaining would be obtained either through the market or through sale of fixed assets like land, sources said.
Sources indicated that the process of giving VRS to NTC employees could begin as early as next month.
“We have already started the formalities of filing applications under the Industrial Disputes Act. So far 20 applications have been filed.”
The Board for Industrial and Financial Reconstruction (BIFR) has already held hearings of five of the eight NTC subsidiaries referred to it.
“BIFR has already approved the DRS in case of three subsidiaries including those in Gujarat and West Bengal. In the case of two subsidiaries, in UP and Andhra Pradesh it has suggested an MoU with the mill workers,” they said. — PTI
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